OIL FUTURES LOWER

OIL FUTURES LOWER

The New York Mercantile Exchange December crude oil contract fell 58¢ on Oct. 31, closing at $80.54/bbl. The January 2015 contract fell 48¢ to $80.42/bbl.

The natural gas contract for December gained 4.6¢ to a rounded $3.87/MMbtu. The cash gas price at Henry Hub, La., was $3.80/MMbtu, up 6¢.

Heating oil for November delivery edged up slightly to a rounded $2.52/gal. Reformulated gasoline stock for oxygenate blending for November delivery lost 2.63¢ to a rounded $2.17/gal.

The December ICE contract for Brent crude oil was down 38¢ to $85.86/bbl. The January 2015 contract fell 36¢ to $86.34/bbl. The ICE gas oil contract for November declined $4.75, settling at $741.75/tonne.

The average price for OPEC's basket of 12 benchmark crudes was $81.97/bbl on Oct. 31, losing 82¢.

Chronicle:

PENNENERGY - The Trump administration accused Russia on Thursday of a concerted, ongoing operation to hack and spy on the U.S. energy grid and other critical infrastructure, and separately imposed sanctions on Russian officials for alleged high-tech interference in the 2016 American presidential election.

IAEA - IAEA Director General Yukiya Amano commended efforts by Pakistan to increase nuclear safety and security as the country works to triple its nuclear power capacity. Prime Minister Shahid Khaqan Abbasi commended the IAEA for the support provided to Pakistan in the use of peaceful nuclear applications. Pakistan “was ready to further strengthen its partnership with the IAEA and contribute towards the achievement of the Sustainable Development Goals worldwide,” the Prime Minister said.

PLATTS - "The increase in competition induced new practices in the market that resulted in imports returning to normal," Petrobras' Jorge Celestino said during a presentation of the company's 2017 financial results.

PLATTS - The objective of this program is to increase its domestic refinery utilization rates to 90% from current levels of 10-20%, Kragha said speaking to Platts in Cape Town on the sidelines of the African Refiner Association conference.